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Weatherford to Cut Spending 50%, Delist From NYSE Amid Pandemic

April 15, 2020, 12:18 PM

Weatherford International Plc plans to halve capital spending in 2020, cut jobs and salaries and delist from the New York Stock Exchange as the beleaguered oilfield-services provider grapples with the fallout of the coronavirus pandemic and recent oil-price collapse.

The Houston-based company, which emerged from Chapter 11 bankruptcy protection in December after slashing its debt, said its current “debt levels are too high,” given the uncertain operating outlook amid the coronavirus pandemic, according to a statement Wednesday.

Capital expenditures will be cut by 50% from 2019, the company said. In North American, 38% of jobs will be reduced, and 25% ...